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Personality Psychology and Economics

In: Handbook of the Economics of Education

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  • Almlund, Mathilde
  • Duckworth, Angela Lee
  • Heckman, James
  • Kautz, Tim

Abstract

This chapter explores the power of personality traits both as predictors and as causes of academic and economic success, health, and criminal activity. Measured personality is interpreted as a construct derived from an economic model of preferences, constraints, and information. Evidence is reviewed about the “situational specificity†of personality traits and preferences. An extreme version of the situationist view claims that there are no stable personality traits or preference parameters that persons carry across different situations. Those who hold this view claim that personality psychology has little relevance for economics.

Suggested Citation

  • Almlund, Mathilde & Duckworth, Angela Lee & Heckman, James & Kautz, Tim, 2011. "Personality Psychology and Economics," Handbook of the Economics of Education, in: Erik Hanushek & Stephen Machin & Ludger Woessmann (ed.), Handbook of the Economics of Education, edition 1, volume 4, chapter 0, pages 1-181, Elsevier.
  • Handle: RePEc:eee:educhp:4-1
    DOI: 10.1016/B978-0-444-53444-6.00001-8
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    More about this item

    Keywords

    Personality; Behavioral Economics; Cognitive Traits; Wages; Economic Success; Human Development; Person-situation Debate;
    All these keywords.

    JEL classification:

    • I2 - Health, Education, and Welfare - - Education
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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